https://www.taxtmi.com/caselaws?id=303485 The High Court upheld the Tribunal's decision to reduce the addition of bogus purchases to 8% instead of 25%, noting that adding the entire amount would distort profit figures. The Court found the Tribunal's adoption of an 8% gross profit rate reasonable given the inherent estimation involved. The disclosed sum of Rs.61.05 lakhs was appropriately assessed. The Court dismissed the Tax Appeals, stating no legal question arose, as the issues mirrored previous appeals and did not warrant separate reasons. en-us Tue, 01 Aug 2017 00:00:00 +0530 Tue, 26 Jul 2022 20:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303485 The High Court upheld the Tribunal's decision to reduce the addition of bogus purchases to 8% instead of 25%, noting that adding the entire amount would distort profit figures. The Court found the Tribunal's adoption of an 8% gross profit rate reasonable given the inherent estimation involved. The disclosed sum of Rs.61.05 lakhs was appropriately assessed. The Court dismissed the Tax Appeals, stating no legal question arose, as the issues mirrored previous appeals and did not warrant separate reasons. Case-Laws Income Tax Tue, 01 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303485